The report PESTLE Insights: Macroeconomic Outlook Report- Nigeria identifies the country as an investment destination by analyzing political, economic, social, technological, legal and environmental factors. The report helps in understanding the market dynamics and business potentials by analyzing various risk factors that are likely to affect the business. The report also studies the country’s geography and analyses the best performing countries and the industries operating there.
Nigeria is a West-African country. It is bordered by Benin in the west, Chad and Cameroon in the east, and Niger in the north; its coast in the south lies on the Gulf of Guinea in the Atlantic Ocean. It is officially a democratic secular country and is often referred to as the ‘Giant of Africa’ due to the large size of the economy and population. Nigeria is the most populous country in Africa and seventh largest in the world. The country is well-known for its young, working population which accounts for the world’s third largest youngest population. The official language of the Nigerians is English. The country is considered one of the fastest growing economies as per the World Bank.
Politically, Nigeria has seen the same party in power for more than 15 years. The country has a strong democracy and a multi-party system which has more than ten parties but mainly dominated by two parties- the ruling and the opposition. The country will see their next general elections in the year 2019 where the current President will be eligible for re-election. During the period of elections, businesses and media generally account for an increase in spending and their turnovers. It is a fairly stable country barring the uprising terrorism in the northern parts of the country. Economically, Nigeria has been solely dependent on oil for a long time. Owing to the glut in the oil market in the recent past, there has been shrink in the revenues of the Nigerian government.
The country is facing an unemployment crisis; thus, there is a great availability of cheap labour. Socio-culturally, the country is highly populous and thus has seen a huge amount foreign direct investment due to the potential. Despite most of the population living below the poverty line, Nigerians are known to spend frivolously on fashion and technology. Technologically, Nigerians are constantly adapting to the latest trends in technology and are becoming tech-savvy. One of the highest- populated youth countries, the youth are computer literate. High smartphone penetration in the country is encouraging many players to reap the online market. Legally, the country has a progressive tax system. Environmentally, ecology is very important in Nigeria and the central government encourages the local governments to regulate their own laws for preservation.
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Ankur Gupta, Head Marketing & Communications